Within his freshly published personal account, named Ithaki, the former leader Alexis Tsipras does not hold back while he reflects on that chaotic era of Greece's debt drama.
An Unconventional Choice
As per the ex-PM's version, he chose that maverick academic Yanis Varoufakis as the treasury head largely due to his global profile and Varoufakis's “extremely attractive” abilities as a communicator.
“He was, truthfully, more like a star rather than an economist,” stated the 51-year-old.
Clashing Priorities
The former leader claims that Varoufakis had his own motives which involved advancing his publications and experimenting with his own economic models on Greece rather than truly fighting for its financial survival.
Tsipras noted that the discussions to avoid insolvency were “not only a method to secure improved terms for Greece. They were a test, an historic opportunity to prove the validity of his theories.”
High-Stakes Negotiations
During volatile negotiations, Greece found itself perilously close to exiting the single currency area.
On the line lay not only the country's future and those punishing austerity measures required in return for rescue loans from foreign lenders.
Failed Options
Efforts to secure funds from other sources, including a desperate plea to Russia to buy Greek bonds, were rejected.
Assisting Greece would be equivalent to tossing cash in the trash-can, the Russian leader is reputed to have told Tsipras in Moscow.
Public Vote Followed by U-Turn
That summer, those punitive conditions were put to a public vote, an action that threw the EU into a further existential crisis.
Even though the vote was carried decisively by voters who opposed austerity, the prime minister was forced but to ignore the result and agree to a rescue deal with foreign lenders which turned out to be even harsher.
Final Straw
The ex-PM revealed how he started questioning his finance minister relatively soon.
“Varoufakis was the public image of the talks, the man who drew media attention, who graced the covers of publications the world over … it seemed he relished the spotlight.”
After the minister proposed a backup strategy involving creating a parallel currency and issuing vouchers to retirees, Tsipras said he realised it was the end and asked Varoufakis: “Can you be serious?”
Enduring Criticism
Within the memoir, Tsipras asserts how Varoufakis demonstrated himself to be “unsuitable for a deal demanding intricate and sensitive management.”
He further wrote that his aggressive style left him more and more alone among peers, endangered the country, and assisted hardliners who were advocating Grexit.
This account of events has been met with anger along with stunned disbelief in some quarters, whereas the former minister has kept a conspicuous quiet on the matter.
